Monday, November 11, 2024
Fintech Connect Leaderboard | FFNews

Breaking News

SME Lender iwoca Secures New £200m Funding Led by Citi – Increasing Investment in the Business to Almost £1.5bn Akuna Wallet Unlocks the Digital Economy for African Creatives Magic Labs Unveils Newton, the First Chain Unification Network, Connecting Leading Wallet Solutions to the AggLayer Tencent Leverages Cutting-Edge Technology and Partnerships to Lead a New Era of FinTech Innovation Centralis Group Continues Its Planned Growth Strategy, Acquiring the Business of Admina Fund Services Ozean Partners With HELIX to Bring $100M of Private Credit On-Chain Ebury Expands Its Presence in International Football With C.D. Leganés Sponsorship Isle of Man Launches Sustainable Finance Roadmap to Establish Leading Position in Green Finance Higlobe Partners with Bitso Business to Provide Freelancers  And Small Businesses with New Crypto Payment and  Investment Options Through the Bitso Platform TD Integrates With TouchBistro to Provide Payment Solution to Canadian Restaurant Owners Caruso and Fidel API Renew Partnership to Enhance Consumer Experience With Innovative Card-Linked Offers Wealth Management Firms Expected to More Than Double AI Budgets: Wipro Survey Kemba Credit Union Launches Alkami’s Digital Banking Platform for Retail and Business Members Groov Secures £1.5m to Pioneer Next-gen Embedded Lending Solution to Solve the $1.2trn Funding Gap in the Global SME Sector Nine in Ten Businesses Think Sustainability Will Impact Their Future Operations, but Many Don’t Yet Have Targets to Aim For

FIDO Authentication Meets European Banking Authority’s PSD2 Requirements

FIDO standards provide secure, user-friendly way for European payments industry to meet PSD2 strong authentication requirements
The FIDO Alliance’s authentication standards provide a scalable way for the European financial ecosystem to meet PSD2 requirements for strong authentication of user logins and cryptographically signed transactions — while also meeting organisational and consumer demand for transaction convenience.
Authentication is based on open standards that are supported by an interoperable ecosystem of 350+ FIDO Certified solutions. Banks and payment services providers (PSPs) can select from many leading vendors of modern authentication solutions and/or they can develop and test their own FIDO-based PSD2 solutions. Once deployed, banks and PSPs may accept a variety of certified, interoperable FIDO-compliant authenticators in the market, including those in mobile devices and PCs, and hardware-backed security keys. The end result is a low-friction approach for user authentication that exceeds the European Banking Authority’s (EBA) PSD2 requirements.
The FIDO architecture offers a truly “best of both worlds” solution to the problems that drove the creation of multi-factor authentication requirements as defined in the EBA’s final draft Regulatory Technical Standards (RTS) on Strong Customer Authentication (SCA).
– With asymmetric cryptography at the heart of the security model, FIDO addresses the RTS security requirement designed to mitigate theft of payment service credentials by all known attacks that successfully harvest “shared secret” credentials like passwords, effectively mitigating the techniques that are behind 95% of all web app attacks that lead to data breaches
– With easy-to-use biometrics and security keys being used for the “what you are” and “what you have” authentication factors, respectively, FIDO is addressing increased market demand for greater user convenience than anything used for online payments before
– FIDO privacy requirements ensure biometric data, when used, is never shared, addressing requirements by data protection authorities and consumer concerns about sharing biometric information online.
  1. SME Lender iwoca Secures New £200m Funding Led by Citi – Increasing Investment in the Business to Almost £1.5bn Read more
  2. Akuna Wallet Unlocks the Digital Economy for African Creatives Read more
  3. Magic Labs Unveils Newton, the First Chain Unification Network, Connecting Leading Wallet Solutions to the AggLayer Read more
  4. Tencent Leverages Cutting-Edge Technology and Partnerships to Lead a New Era of FinTech Innovation Read more
  5. Centralis Group Continues Its Planned Growth Strategy, Acquiring the Business of Admina Fund Services Read more
Fintech Connect Sidebar | FFNews
More On